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Jupiter European
This fund offers investors access to a high-conviction portfolio of European equities, with a bias towards medium and larger companies. The manager has developed a coherent and consistent investment process that has a record of success in different macroeconomic environments.
Our opinion
Alexander has developed a real aptitude for recognising patterns of success in company business plans and management teams. This skill, combined with his patient and value-aware approach, has seen the Jupiter European become one of the most highly regarded funds in its sector.
Company description
Founded in 1985, Jupiter Asset Management has grown from a specialist investment boutique to a global fund management company. It provides a range of products from bond and equity funds to multi-asset strategies for both retail and institutional clients. Jupiter is a strong proponent of active management and therefore gives its managers the freedom to run their funds their way, without having to adhere to a 'house' view.
Fund manager
Alexander Darwall has more than 25 years of industry experience and started his career as an equity analyst, working at a number of firms, including Goldman Sachs. He joined Jupiter in 1995 and has run the Jupiter European fund since 2001. He also manages several other European funds including the Jupiter European Opportunities investment trust. Alexander has a degree in History from Cambridge University.
My approach is simple. I want world-class companies that can sustain profit growth and margins over a long period of time irrespective of global macro themes.
Alexander DarwallFund manager
Investment process
Alexander generates his own ideas, primarily through company meetings. He looks for evidence of successful, proven business models being implemented by open and honest management teams. He prides himself on knowing his holdings and management teams exceptionally well and will be in regular contact to understand any changes in outlook. Firms benefiting from economic tailwinds and in strong positions within their industries are preferred.
Risk
The manager employs an unconstrained approach to stock selection, which means Jupiter European can look very different from the benchmark, which can introduce more risk into the portfolio. Alexander also runs Jupiter European as a very concentrated portfolio with big positions in his best ideas, meaning the fund’s performance can be notably affected by single stocks. Due to the types of stocks Alexander is looking for, this fund can underperform considerably when his style is out of favour.
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